Sunday, November 28, 2021

India to overtake China in 2022 with growth rate of 10.1%; Economy to achieve rapid growth rate

India is currently battling the second wave of the corono virus. Meanwhile, the United Nations said in its statement on Tuesday (11 May 2021) that India’s GDP (GDP) growth rate is estimated to be 10.1 percent in 2022.

It will be the economy that will achieve rapid growth in major countries of the world at that time. It also states that in 2022, this growth rate will be even higher than that of China. The report estimates China’s growth rate to be 5.8 percent in 2022, lower than the 8.2 percent expected in 2021.

However, United Nations Also said that the growth scenario of 2021 is looking very fragile right now. The reason for this is the rapid spread of pandemonium in the country. The United Nations said in a mid-term review of the World Economic Situation and Prospects (WESP) report that India’s growth rate will be 10.1 percent in 2022. This is almost double the 5.9 percent increase in the report released in January. At the same time, India’s growth rate has been estimated to be 7.5 percent in 2021 in the mid-term report, while in 2020 it was projected to fall by 6.8 percent.

At the same time, Dr. Arudip Nandi of Nomura says that due to the outbreak of Corono virus, there is a slowdown in the economy and it is less serious. The Nomura India Business Resumption Index (NIBRI) has reached 64.5 percent of pre-epidemic levels in the week ending May 9, amid the ongoing war against the corono virus in India. It has declined by 5 percent this week.

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NIBRI The fall in the country could be attributed to more than 20 states imposing ‘lockdown’ and other restrictions to prevent the Corona epidemic from spreading in the country, which are impacting sequential development.

Dr. Arundeep Nandi is excited about the situation in India, he said that this time the impact on GDP will be less than last year. In an interview to ET Now, he said that India was below 55 per cent level in last year’s lockdown. At the same time, the recession is relatively low this year, as the indices suggest that India is below 35 percent of pre-epidemic levels.

How the slowdown in the economy will be limited by the second wave of COVID-19. At this he told that we were all unaware of the first wave of Corona. During this time, everyone was afraid of the outbreak of Corona virus. It devastated the economy. However, in the second wave he argues that this time the damage to the economy is likely to be limited.

Explain that the significant decline in ‘Nomura India Business Reservation Index’ (NIBRI) indicates that the ‘lockdown’ in various states will impact the growth rate on a quarter-on-quarter basis.

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